Companion Animal Drugs Market Size
Companion Animal Drugs Market size exceeded USD 13.1 billion in 2022 and is poised to depict over 6.8% CAGR through 2023-2032, owing to the escalating pet population and investment in veterinary clinics.
Globally, the acceptance of cuddly animals—especially companion dogs—has been rising at exponential rate. Usually housebroken and able to fit a slower lifestyle, smaller and older dogs are the pet of choice for retirees as they provide company. The CDC claims that owning a pet also helps to lower blood pressure, stress, cholesterol, and anxiety, therefore encouraging the acceptance of companion animals. This will then cause more attention to preserving the health of pet animals, so increasing demand for suitable companion animal medications.
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Out-of-pocket spending on common veterinary drugs is low in underdeveloped countries mostly because of low per capita income. Furthermore lacking knowledge is insurance coverage from both governmental and private organizations for the avoidance of diseases and enhancement of animal welfare. These elements could somewhat obstruct veterinary medication development by itself. Notwithstanding these challenges, the increasing investment in veterinarian chains and the spread of their regional corporate presence should present profitable chances for sector development.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Companion Animal Drugs Market Size in 2022 | USD 13.1 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 6.8% |
| 2032 Value Projection | USD 24.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 260 |
| Tables, Charts & Figures | 467 |
| Segments covered | Product, Animal Type, Route of Administration, Distribution Channel, and Region. |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Companion Animal Drugs Market Analysis
Learn more about the key segments shaping this market
Companion animal drugs market from the vaccines segment is set to depict over 7% CAGR through 2032, as a result of the surging prevalence of zoonotic diseases. Moreover, the increasing spending capacity of consumers on pet care and R&D projects on pet medications have led to the discovery of novel vaccine candidates, thereby fueling companion animal vaccine development.
Based on the animal, the market value from the horses is set to cross USD 4 billion by 2032, given the ever-changing nature of viruses and the increasing equine influenza (EI) outbreaks. Horses also require vaccination for diseases including viral respiratory diseases, tetanus, and strangles. The rising cases of infections will therefore proliferate the consumption of companion horse drugs.
In terms of the route of administration, the companion animal drugs market from the topical segment is slated to register over 7% CAGR through 2023-2032. The high prevalence of infectious diseases and skin conditions among pets are the key drivers for topical medication demand. Numerous parasitic and fungal conditions such as tinea corporis or capitis, toxoplasmosis, and salmonellosis are being increasingly reported among pets, further augmenting the use of topical medication.
Learn more about the key segments shaping this market
By 2032, the segment on veterinary clinic distribution channels will be valued more than USD 7 billion. This is the outcome of include emergency group offices and clinics to enable better access to upscale veterinarian care. Funding schemes for clinic chain development has also sped to help veterinarians provide innovative treatments for pets. Therefore, veterinarian clinics are likely to become significant access locations for pet care products and services given the fast increasing number of pet owners.
Looking for region specific data?
Rising zoonotic disease frequency would cause Asia Pacific companion animal pharmaceuticals market estimated at over USD 2.5 billion in 2022 to show over 7.5% CAGR through 2032. Furthermore driving companion animal drug use in the area are growing pet adoption and awareness campaigns to equip shelter workers with training on stray animal care.
Companion Animal Drugs Market Share
The strategic landscape of the companion animal drugs market comprises companies such as
- Indian Immunologicals Ltd
- Agrolabo S.p.A
- Endovac Animal Health
- HIPRA
- Norbrook Holdings Limited
- Zoetis
- Chanelle Pharma
- Virbac SA
- Vetoquinol
- Merck & Co
- Elanco Animal Health
- Dechra Pharmaceuticals
- Ceva Sante
- Boehringer Ingelheim International GmbH
These players are focusing on mergers and acquisitions, business expansions, and other major strategies to strengthen their presence in the market.
Impact of COVID-19 Pandemic
Particularly in the first months of the epidemic, the animal medication industry suffered due to the financial hardships and production capacity drop brought about by the COVID-19 epidemic. But even if veterinary offices closed in the early months of the epidemic, the acceptance of pet drugs is rising gradually since companion animals are becoming more and more important during the lockdowns. Moreover, worldwide animal welfare groups have started several initiatives to guarantee flawless operations and supply of necessary goods for pets, so supporting the sales of pet medications.
The companion animal drugs market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in usd million from 2018 to 2032 for the following segments
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By Product
- Drugs
- Antiparasitic
- Anti-inflammatory
- Anti-infectives
- Others
- Vaccines
- Modified live vaccines (MLV)
- Killed inactivated vaccines
- Others
- Medicated feed additives
- Antibiotics
- Vitamins
- Amino acids
- Enzymes
- Antioxidants
- Prebiotics and probiotics
- Minerals
- Others
By Animal Type
- Dogs
- Cats
- Horses
- Others
By Route of Administration
- Oral
- Injectable
- Topical
- Others
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacy and Drug Stores
- e-commerce
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- The Netherlands
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Taiwan
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- GCC Countries
- Israel
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